Ohio University joins national initiative on College Cost Transparency

Ohio University has taken another significant step in its efforts to provide transparency in higher education costs by becoming a partner institution in a national initiative on College Cost Transparency (CCT).

The CCT is a voluntary coalition comprised of a growing number of colleges and universities from across the country that have committed to follow a set of principles and standards geared toward ensuring transparency, clarity and understanding around student financial aid offers.

“OHIO’s commitment to the College Cost Transparency initiative underscores its dedication to helping ensure that the cost of higher education is clear and comprehensible for prospective students and their families,” said Ohio University’s Executive Director of Student Financial Aid and Scholarships Valerie Miller. “Choosing to attend college is one of the most significant financial decisions a student or family can make, and OHIO remains committed to providing students clear and accurate financial information.”

Ohio University has long been a champion for higher education cost transparency and affordability. In fact, it was the first public institution in the state to create a pricing guarantee for its students through the OHIO Guarantee+ – a model that remains one of the most inclusive and transparent guarantees across the higher education landscape. 

In addition to financial transparency, the OHIO Guarantee+ includes a personalized graduation plan to ensure students can graduate, on time and on plan, alongside a promise to make it right if the University fails to deliver on the plan promise – including, if necessary, course substitution or covering the tuition and fees of any required additional courses. 

The principles and standards recommended by the CCT — a task force composed of the leaders of 10 higher education associations representing college presidents, financial aid offices and admissions and school counselors —  focus on further supporting and responding to the financial needs of students and families in a nuanced and careful manner. 

“Students and families need upfront, accurate, and clear information when making decisions about college,” said Peter McPherson, chair of the CCT task force and president emeritus of the Association of Public and Land-grant Universities (APLU).  “Some standard terminology and clear requirements on what is to be included in financial aid offers is important. Colleges and universities are committing to give students and families the information they need.”

Moving forward, the College Cost Transparency Initiative will be managed by the National Association of Student Financial Aid Administrators (NASFAA). This work is generously sponsored by a grant from the Strada Education Foundation.

“We are committed to making sure that students and families get the information they need to make informed decisions about paying for college,” said Justin Draeger, president and CEO of NASFAA. “If this project has shown us anything, it’s that this work is complex, but can be done when institutional leaders and practitioners come together to make college cost transparency a priority. We look forward to continuing to recruit more higher education institutions to the initiative.” 

The principles and standards provide that financial aid offers to undergraduate students:

• Are transparent, ensuring that costs are understandable for students and families, and include the most accurate estimate possible of a student’s costs.
• Describe and explain all types of aid offered using standardized, plain language.
• Prominently display critical components, such as an estimate of the student’s total cost of attendance, broken down by costs to be paid to the institution and costs paid to others; types and sources of financial aid being offered, separated into grants and scholarships, student loans, and student employment or work; an estimated net price; and more.
• Follow U.S. Department of Education guidance with regard to referencing Parent PLUS Loans.
• Provide information about employment requirements and information on job placement, if student employment is offered.
• Explain the terms and conditions and information on how much student loan debt may cost over time, if federal student loans are included.

The CCT has also released a set of financial aid offer examples that meet the initiative’s principles and standards for institutions to use in developing or updating their aid offers and a glossary of common financial aid terms and definitions.

Additional details about the OHIO Guarantee+ are available online.